FOR IMMEDIATE RELEASE

June 17, 2019

Insurance Commissioner Donelon Announces More Auto Insurers Dropping Rates in Louisiana

Insurance Commissioner Jim Donelon announced today that Louisiana Farm Bureau is following the downward rate trend started by State Farm and Progressive insurance companies. Louisiana Farm Bureau is requesting a -4.4% rate decrease on its 220,000 automobile policies.

“Louisiana Farm Bureau’s request for a rate reduction is further indication of the downward trajectory for auto rates in Louisiana,” said Commissioner Donelon.  “In the last year, three of the top auto insurers in our state have sought rate decreases for Louisiana drivers. This reduction, along with those previously taken by State Farm and Progressive, further confirms that automobile insurance competition in Louisiana is moving premiums in the right direction.”

Louisiana Farm Bureau is the sixth-largest auto insurer in Louisiana and this rate decrease will mean lowered premiums for over 1,500,000 automobile policyholders when combined with the earlier reductions taken by State Farm and Progressive. The reduced rates are projected to take effect August 1, 2019 for new and renewed policies.

About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.